# In the matter of Time & Space Lifestyle LLP C.P. (IB) No. 191-BB-2019

> NCLT judgment dated 2019-09-09. Citation: TCN-2019-NCLT-01517. M/s. Dnova Infracon Pvt. Ltd. filed C.P. (IB) No.191/BB/2019 under Section 9 of the IBC, 2016,…

- **Court:** NCLT
- **Order date:** 9 Sept 2019
- **Citation:** TCN-2019-NCLT-01517
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/time-space-lifestyle-llp-cp-ib-no-191-bb-2019-68ce2e46

## Summary

### Background

M/s. Dnova Infracon Pvt. Ltd. filed C.P. (IB) No.191/BB/2019 under Section 9 of the IBC, 2016, read with Rule 6 of the I&B (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Time & Space Lifestyle LLP, alleging a default of Rs.77,51,354/-. The Operational Creditor (Dnova Infracon) claims to have provided interior contract services to the Corporate Debtor (Time & Space Lifestyle) for a project named 'Playboy Beer Garden'. The Corporate Debtor denies any privity of contract and disputes the amount claimed.

## Facts

M/s. Dnova Infracon Pvt. Ltd. (Operational Creditor) claimed that M/s. Time & Space Lifestyle LLP (Corporate Debtor) defaulted on a payment of Rs.77,51,354/- for interior contract services provided for the Corporate Debtor's project, 'Playboy Beer Garden'. Dnova Infracon was incorporated on 30.03.2011. Time & Space Lifestyle LLP was incorporated on 08.03.2016. Dnova Infracon was appointed as the contractor for the project. The total invoice bills raised by Dnova Infracon amounted to Rs.1,76,27,351.34/-. The Corporate Debtor made payments totaling Rs.96,93,270/-. The Corporate Debtor also deposited a TDS amount of Rs.1,82,728/-. Dnova Infracon sent a statutory demand notice dated 23.10.2018, followed by another notice dated 10.12.2018. The Corporate Debtor

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## Issues and analysis

### Issue 1: Whether the debt and default in question are proved and is any pre-existing dispute raised by the …

**Ratio:** The provisions of the Contract Act, 1872, do not prescribe that a valid contract must

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**Reasoning:** The NCLT reasoned that the Corporate Debtor's contention that there was no formal

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**Interpretation:** The interpretation of the Contract Act, 1872, is that a contract can be formal

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**Application:** In this case, the NCLT applied the principle that a contract does not need to

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s. Dnova…
- **Respondents:** M/s. Time & Space…

## Timeline

- **2016-08-01 — Assignment Work…**: Operational Creditor carried out its…
- **2016-08-31 — Meeting…**: A meeting was held on 31.08.2016…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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